Binance is introducing new futures options to increase its access to different asset classes. The HIPPOUSDT and 1000XUSDT Perpetual Futures Contracts, which will be launched on the Binance Futures platform on November 13, 2024, attracted attention in this regard. These two cryptocurrencies experienced an increase with the impact of the Binance announcement. Here’s what happened…
Binance is launching perpetual futures for two altcoins
Binance continues to expand the crypto investment ecosystem with innovative financial tools it offers to its users. In this context, Binance is preparing to launch perpetual futures contracts for two altcoins on the Binance Futures platform on November 13, 2024. Offering up to 75x leverage, these new contracts offer significant opportunities in terms of risk management and investment diversification. These new futures contracts from Binance are based on two different assets: HIPPO (sudeng) and X Empire (X). The HIPPO token is also known as sudeng, while X Empire is recognized by the X symbol. Both contracts are traded with USDT (Tether) as the underlying asset.
Each of the HIPPOUSDT and 1000XUSDT perpetual futures contracts will allow users to participate in the price movements of these assets and will be tradeable 24 hours a day. Another striking feature of the new futures contracts is the funding rates. The maximum funding rate initially determined for the HIPPOUSDT and 1000XUSDT contracts is limited to 2%. The funding fee is traded every four hours and these rates are adjusted according to market conditions. This feature allows users to calculate their transaction costs in advance. It also aims to keep the risks brought by high leverage rates under control.
Multi-asset mode active
These contracts on the Binance Futures platform are also supported by the Multi-Assets Mode to provide users with a more flexible structure when opening or closing positions. Thanks to this mode, investors can use different crypto assets such as BTC as collateral for the futures contracts they trade. For example, an investor who uses BTC as collateral for HIPPOUSDT or 1000XUSDT contracts can manage their portfolio more effectively.
The maximum leverage ratio for both contracts is 75 times, and while a high leverage ratio offers greater profit opportunities for investors, it also brings higher risks. Another detail that should be noted is the difference between futures and spot market listings. Any token listed on the Binance Futures platform does not carry a guarantee that it will be listed on the Binance Spot market. In other words, although HIPPO and X Empire assets are traded on the futures market, they may not be listed on the spot market. Following the developments, sudeng rose by 95 percent to $ 0.0234. X, on the other hand, jumped by over 65 percent.
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